Looking back over the situation at Airline Training Academy, I think I should make the following statement:
If a flight school wants an inordinately large deposit before you begin training, walk, no run the other direction as fast as possible.
I really don't care if the flight school seems large, stable and growing, but do not by any means deposit more money into your account than your current flight program.
Airline Training Academy talked at length about purchasing new Seminoles (leased, I hear) even after 9/11 and seemed to be growing in a time of aviation stagnation. Many students took out Key Bank Loans and deposited as much as a required $60,000 towards training.
The chances of getting that money back may be slim to none.
Be extremely careful when it comes to depositing large amounts of money, no matter what the contract says about you being able to withdraw it if things go awry. In fact, I'd heavily suggest having your family lawyer review any contract before signing.
Many of the students at ATA had no idea that the school was under extreme financial pressures until they were escorted out of the building by security that morning.
Just FYI. Research research research.
If a flight school wants an inordinately large deposit before you begin training, walk, no run the other direction as fast as possible.
I really don't care if the flight school seems large, stable and growing, but do not by any means deposit more money into your account than your current flight program.
Airline Training Academy talked at length about purchasing new Seminoles (leased, I hear) even after 9/11 and seemed to be growing in a time of aviation stagnation. Many students took out Key Bank Loans and deposited as much as a required $60,000 towards training.
The chances of getting that money back may be slim to none.
Be extremely careful when it comes to depositing large amounts of money, no matter what the contract says about you being able to withdraw it if things go awry. In fact, I'd heavily suggest having your family lawyer review any contract before signing.
Many of the students at ATA had no idea that the school was under extreme financial pressures until they were escorted out of the building by security that morning.
Just FYI. Research research research.